China sets up largest gold fund, page-36

It has been a binary event, strong USD and gold drops. It is in a tight range so not unexpected. In fact I have been reading into this move down to the support of the range. If the 1175 zone do not hold then likelihood of a 1140 test. Where it would go from there will be at the fate of the gods!

Good place to be looking for gold stocks at those low levels but the drop in AUD is neutralising the producers AUD margins so not panic station yet.

The problem with these range plays is that the short term traders who are playing breakouts would have closed out at the first struggle of the price. Those playing in the middle of this range would have an even shorter term hold so price will likely wander aimlessly for awhile until fundamentals drive the price one way .